%0 Journal Article
%T A Study on the Relationship between Manager''''s Private Benefits and Over-investment<br>经理私人利益与过度投资
%A LIU Huai-zhen
%A OUYANG Ling-nan
%A <br>刘怀珍
%A 欧阳令南
%J 系统工程理论与实践
%D 2004
%I 
%X It is difficult that investment level is optimal because of principal-agency. The paper discusses the relationship between manager's private benefits and investment behavior. By developing model, we find that manager's private benefits is the determinant of over-investment, and manager's payoff only affects the level of his efforts. Moreover, manager will be punished if share-holder find over-investment occurs. We believes that sound debts, perfect monitoring and the acknowledge of property right of human being's capital are the solution to over-investment.
%K private benefits
%K over-investment<br>私人利益
%K 过度投资
%U http://www.alljournals.cn/get_abstract_url.aspx?pcid=01BA20E8BA813E1908F3698710BBFEFEE816345F465FEBA5&cid=962324E222C1AC1D&jid=1D057D9E7CAD6BEE9FA97306E08E48D3&aid=17735530A9B64992&yid=D0E58B75BFD8E51C&vid=B91E8C6D6FE990DB&iid=F3090AE9B60B7ED1&sid=1AE5323881A5ECDC&eid=B6DA1AC076E37400&journal_id=1000-6788&journal_name=系统工程理论与实践&referenced_num=5&reference_num=13